Local & Regional
Fri August 2, 2013
Tax Free Holiday Underway in Oklahoma
The merchants are ready. Oklahoma's sales tax holiday started at midnight. Many parents take advantage of the 7-to-10% discount to buy those back to school clothes and shoes. Actual school supplies--- pens, pencils, notebook paper and the like-- are not exempt of the tax.
The three day event costs the state about $6 million dollars in tax revenue. However, the State Tax Commission's Paula Ross says the holiday also provides the state with an economic stimulus as people pump money into the economy.
On average, parents spend about $600 on back to school. Based on that amount, parents would save just under $60 if they live in an area with a 9% sales tax rate. The tax holiday is not just for back to school shoppers, anyone can purchase tax exempt clothing and shoes this weekend.